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SECP proposes amendments in the Public Offering Regulations, 2017

October 16: The Securities and Exchange Commission of Pakistan (SECP) has proposed certain amendments in the Public offering Regulations, 2017 for seeking public comments.

The objective behind the proposed amendments is to promote capital formation by facilitating issuers, reducing the cost of an IPO and safeguarding the interest of general public by enhancing disclosures.

In order to promote capital formation through securities market, the objective eligibility criteria for listing of companies is being reviewed to enable companies that presents a viable time bound business plan, to raise funds. Such companies are however, required to comply with certain conditions including enhanced risk disclosures in the offering document for information of the prospective investors.

To help reduce the cost of an IPO, the role of Consultant to the Issue and Book Runner may be performed by same entity provided such entity is independent of the issuer.

In order to safeguard the interest of general public, certain parameters for green field projects (GFP) are being introduced. Through such parameters, sponsors of GFPs are required to have successful business track record of running a listed company and to contribute at least 75% in the form of equity and financial close should be in place. The issuer shall also make certain risk related disclosures in the offering document and shall offer the shares through fixed price method only.

Further, to ensure investor protection, in case of change in the principal purpose of the issue, an exit offer mechanism is being proposed.

The proposed amendments are placed at SECPs website. Public/Stakeholders may send their comments latest by October 24, 2019.

 

Closing Bell: Bulls return to trading floors

October 16, 2019 (MLN):  The domestic equity market today, displayed a subdued recovery after gaining 197 points and closed at 34,281-mark level. The Index remained positive throughout the session touching an intraday high of 34,434.45 points.

Positive sentiments among the investors emanated on the back of the news reports that Pakistan will continue to stay on the FATF grey list for next four months. Moreover, IMF upheld its forecast for Pakistan’s growth at 2.4% in FY20 while inflation is expected to come in at 13%, this further helped in boosting investors’ confidence.

Of the 94 traded companies in the KSE100 Index 61 closed up 28 closed down, while 5 remained unchanged. Total volume traded for the index was 94.32 million shares.

Sectors propping up the index were Commercial Banks with 49 points, Oil & Gas Exploration Companies with 46 points, Fertilizer with 36 points, Oil & Gas Marketing Companies with 30 points and Food & Personal Care Products with 19 points.

The most points added to the index was by PPL which contributed 40 points followed by OGDC with 27 points, PSO with 20 points, ENGRO with 19 points and BAHL with 16 points.

Sector wise, the index was let down by Power Generation & Distribution with 8 points, Cement with 7 points, Inv. Banks / Inv. Cos. / Securities Cos. with 5 points, Automobile Parts & Accessories with 4 points and Technology & Communication with 4 points.

The most points taken off the index was by UBL which stripped the index of 15 points followed by HUBC with 13 points, POL with 11 points, MARI with 10 points and LUCK with 6 points.

All Share Volume decreased by 5.04 Million to 151.37 Million Shares. Market Cap increased by Rs.31.35 Billion.

Total companies traded were 387 compared to 368 from the previous session. Of the scrips traded 241 closed up, 121 closed down while 25 remained unchanged.

Total trades increased by 1,888 to 57,511.

Value Traded decreased by 0.40 Billion to Rs.4.90 Billion

CompanyVolume

Top Ten by Volume

K-Electric11,825,000
Worldcall Telecom11,799,000
Unity Foods10,200,500
Lotte Chemical Pakistan8,789,500
Fauji Cement Company3,822,000
TRG Pakistan3,802,500
Descon Oxychem3,713,000
Abdullah Shah Ghazi Sugar Mills3,408,500
Avanceon2,878,000
Dost Steels2,804,500

 

SectorVolume

Top Sector by Volume

Technology & Communication22,899,500
Chemical17,390,200
Power Generation & Distribution14,128,000
Commercial Banks13,092,600
Cement12,383,500
Vanaspati & Allied Industries10,203,100
Engineering8,718,000
Oil & Gas Marketing Companies6,614,900
Sugar & Allied Industries5,561,300
Textile Composite4,727,700

 

 

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World Economic Forum ranks Pakistan as the 52nd most...

October 16, 2019 (MLN): The Global Competitiveness Report 2019 of the World Economic Forum has ranked Pakistan as the 52 most dynamic economy in the world.

It is pertinent to note that Pakistan managed to secure this rank by improving 15 points from last year where it stood at 67 in 2018.

According to the report, the progress on Pakistan’s competitiveness was due to the achievements made during the last 12 months.

 The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets

SECP improved Pakistan’s competitiveness rankings by improving the number of days to start a business, where Pakistan stands at the global rank of 90 as compared to 96 in 2018.

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TBEA expresses interest in Pakistan’s power sector

October 16, 2019: A delegation of TBEA, a world leading manufacturer of power transformers and electrical equipment, Wednesday called on Minister for Power Omar Ayub Khan and expressed keen interest in Pakistan’s energy sector.

The minister invited the company to invest in Pakistan’s power sector and assured to provide all possible assistance in that regard, a press release said.

He said the government was giving full attention towards the ease-of-doing-business plan as it would help in boosting economic activities and create more job opportunities there.

Omar Ayub also welcomed the company’s resolve to invest in the power sector and play role in economic development of Pakistan.

APP

Income Fund Review: MCB Pakistan Sovereign Fund remains a...

October 16, 2019 (MLN): With an objective to generate current income through dividend and interest payments while carrying a minimum risk, the fact sheet of conventional income fund shows that at the end of 1QFY20, all the funds under this category delivered rather healthy returns to their investors.

Among the funds that successfully outperformed its peers and bypassed their respective yardstick, MCB Pakistan Sovereign Fund appeared as the best performer, as it generated highest annualized return of 19.86% against its benchmark return of average 6-Month Pakistan revaluation rate (PKRV) rate, which was set at 13.87% during the period.

The Objective of this fund is to deliver income primarily from investments in government securities. Its Net Asset Value (NAV) during the period went up by Rs 2.66 per share to Rs 55.79 per share. The fund carries low to moderate risk profile as most of its portfolio comprises of cash (53.89%) and T-Bills (43.32), while allocation in equities stood at 2.45% as of September 2019.

This was followed by NAFA Government Securities Savings Fund, which provided annualized return of 17.7% to its investors against its benchmark return of 6M-PKRV rate. The fund’s NAV reported a surge of 46 paisa per share to Rs 10.77 per share. The fund carries low risk profile as its objective is to provide competitive return from portfolio of low credit risk by investing primarily in Government Securities. Moreover, its portfolio consisted of investments in PIBs (75.89%), Cash (16.7) and other including receivables (8%) as of September 2019.

Next in line was AWT Income Fund, whose return stood at 15.96% against its benchmark of average 6-Month KIBOR rate which was set at 13.97% during the said period. The objective of this low to moderate risk profile fund is to generate competitive returns by investing in short to long term debt instruments and securities. The portfolio of this mutual fund showed that 38.37% of the investment was placed in PIBs, 21.65% of the investment was made in Cash while 18.89% of the investment was made in T-Bills.

In addition to this, 2 out of the total conventional income funds offered dividend payouts to investors, with NIT Government Bond Fund providing a payout of Rs.0.88 per share. This was followed by NIT Income Fund which gave a payout of Rs.0.9 per share.

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